How To Make Money Today: WTI CRUDE OIL Daily Market Analysis and Forex Trading Signals 4 April 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
On the H4, with price moving below the ichimoku cloud, we expect to see a potential for bearish drop from our 1st resistance of 113.70 in line with the pullback resistance and 38.2% Fibonacci retracement towards our 1st support level at 97.75 in line with the 61.8% and 78.6% Fibonacci projection, 161.8% Fibonacci extension, -27.2% Fibonacci expansion. Alternatively, If price breaks out, it can potentially move towards our 2nd resistance level at 123.24 which is in line with the swing high resistance.
Areas of consideration:
- H4 time frame, 1st resistance of 113.70
- H4 time frame, 1st support of 98.14
Crude Oil Futures: In the short run, the decline may lose traction.
Traders reduced their open interest holdings for the second session in a row on Friday, now by over 13K contracts, based on preliminary data from CME Group for crude oil futures markets. Following suit, volume fell by over 295K contracts.
WTI remains supported near $95.00
With declining open interest and volume, WTI prices were on the defensive at the conclusion of last week. However, additional fall is improbable in the immediate term, although the $95.00 area remains a viable contender.
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